Financial statements show a key investment client cut ties with the hedge fund in 2017, shrinking revenues by $2.2m and leaving more than half of the company's earnings exposed to just two investment contracts. The company managed $15bn of assets in 2008 — a number that has halved to $7.4bn today…. Artemis, the UK asset manager that has a 6% holding in LumX, has also been trying to sell its stake in the hedge fund….

Problems have been mounting at the Swiss hedge fund for a number of years. In the company’s 2014 annual results Busson said he expected the company to break even by the end of 2015 after notching up losses of $7m in 2014. It instead returned a deficit of $17.9m in 2015 and made a $7.9m loss in 2016.

The audit firm signed off the accounts as a ‘going concern’, meaning it believes it will continue to be able operate for the next 12 months, but drew attention to a note in the annual report that highlighted “material uncertainties” related to LumX achieving its “business plan.. that may cast significant doubt on the group’s ability to continue as a going concern”.